Riyadh – Arabian Drilling Company signed a contract with Saudi Arabian Oil Company (Saudi Aramco) at a value exceeding SAR 650 million for one offshore jack-up unit.

Under the five-year agreement, Arabian Drilling will supply an offshore jack-up unit equipped with a full crew to perform offshore drilling services across Saudi Arabia, according to a recent bourse filing.

The project is forecast to commence operations in the third quarter (Q3) of 2023 and reflect on Arabian Drilling’s revenues during the same period.

It is worth noting that the awarding and signing dates of the contract were on 27 November 2022.

In the first nine months (9M) of 2022, Arabian Drilling posted a 171.09% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 421 million, compared to SAR 155.30 million.

Meanwhile, Aramco achieved a net profit after Zakat and tax worth SAR 488.78 billion in 9M-22, higher by 67.97% than SAR 291 billion during the same period a year earlier.